# Probe 1: Control-by-Control Attenuation Path

Z₁ coefficient as controls are added sequentially.

| Step | Sample | Z₁ Coef | Z₁ SE | Z₁ p-val | R² | N | Countries |
|------|--------|---------|-------|----------|----|---|-----------|
| Z only | 69-country | 25.17** | 12.57 | 0.045 | 0.153 | 3027 | 69 |
| Z only | 140-country | 44.29*** | 10.64 | 0.000 | 0.066 | 5878 | 141 |
| + fiscal_bal | 69-country | 15.29 | 14.27 | 0.284 | 0.284 | 2415 | 69 |
| + fiscal_bal | 140-country | 32.38*** | 10.81 | 0.003 | 0.197 | 4732 | 141 |
| + nfa_lag | 69-country | 16.28 | 14.76 | 0.270 | 0.253 | 2388 | 69 |
| + nfa_lag | 140-country | 34.62*** | 10.59 | 0.001 | 0.217 | 4671 | 141 |
| + log_rel_opw | 69-country | 0.28 | 16.50 | 0.986 | 0.277 | 2043 | 69 |
| + log_rel_opw | 140-country | 18.69 | 12.45 | 0.133 | 0.221 | 3966 | 141 |
| + kaopen | 69-country | 5.66 | 16.62 | 0.733 | 0.275 | 1979 | 68 |
| + kaopen | 140-country | 23.21* | 12.62 | 0.066 | 0.224 | 3869 | 139 |
| + expected_growth | 69-country | 5.57 | 16.64 | 0.738 | 0.274 | 1979 | 68 |
| + expected_growth | 140-country | 22.07* | 12.05 | 0.067 | 0.260 | 3869 | 139 |
| + health_exp | 69-country | 9.46 | 21.02 | 0.653 | 0.392 | 1316 | 66 |
| + health_exp | 140-country | 18.55 | 15.86 | 0.242 | 0.283 | 2695 | 137 |
| + life_expectancy | 69-country | 15.26 | 21.74 | 0.483 | 0.395 | 1316 | 66 |
| + life_expectancy | 140-country | 19.03 | 16.12 | 0.238 | 0.284 | 2695 | 137 |

*,**,*** denote significance at 10%, 5%, 1%.
